Ralph Wanger, founder of the Acorn funds, thinks energy is the best long-term sector now. "You can make a pretty good case that petroleum production will peak in about 10 years," he says. "That doesn't mean there will be no fuel, but it does mean that there won't be increasing amounts of liquid petroleum."

David Dreman, chairman of Dreman Value Management, likes energy, too. "It's not that oil prices have to go sky-high," he says. "But energy companies are making enormous profits, they're buying in their own stock, and they're selling at low multiples." By "low multiples," Dreman means that their prices are relatively low compared with their earnings.